1 / 14

Establishing a Redevelopment Area and Central Business District

Establishing a Redevelopment Area and Central Business District. Informational Meetings March 2012. What is a Redevelopment Area?.

lona
Télécharger la présentation

Establishing a Redevelopment Area and Central Business District

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Establishing a Redevelopment Area and Central Business District Informational Meetings March 2012

  2. What is a Redevelopment Area? State law allows cities to create a redevelopment area in order to improve living conditions and economic vitality. The City of Tucson currently has 3 redevelopment areas designated within the downtown.

  3. State Requirement The City has determined that, “the public welfare is threatened because of dilapidated, deteriorated, aging or obsolescent buildings or improvements” that exist within the area outlined in the map.

  4. What is a Central Business District? An area that is entirely within a Redevelopment Area that allows cities to offer a tool called a Government Property Lease Excise Tax, or GPLET.

  5. What is a GPLET? A tool used by cities to encourage private sector investment by abating property tax for a period of 8 years

  6. Why offer a GPLET? Offsets the operating cost of new development and therefore encourages investment

  7. Where else has the GPLET been used? The City of Phoenix has used a GPLET for virtually all major private development in its downtown since the mid 1980s: Renaissance Square, Arizona Center, Collier Center, City Scape, the Phelps Dodge building, and the renovation of the Wyndham hotel.

  8. Criteria for Use of GPLET Property must be within a Central Business District Property improvement will result in an increase in property value of at least 100% Mayor and Council approval Independent 3rd party must prepare an analysis showing that the economic or fiscal benefit to the City will exceed the benefits received by the lessee City must notify the County and school districts

  9. Proposed Statement of Intent The use of a GPLET is intended for projects deemed to create significant economic development activity within downtown Tucson or the gateways leading to the downtown area. Properties selected for GPLET will serve as a catalyst for other development opportunities within this area. Vacant and underutilized properties will be the primary focus for the use of a GPLET.

  10. Proposed Statement of Intent (continued) For properties that include buildings listed on the National Register of Historic Places (NRHP) or buildings eligible for listing on the NRHP, the City shall preserve such historic buildings; if they are to be improved or have new additions, those changes shall follow the Secretary of the Interior's Standards for Rehabilitation to ensure that their historic statuses are maintained.

  11. Proposed Statement of Intent (continued) Condemnation of property is not an objective of this Redevelopment Area and its use is not anticipated within this Redevelopment Area.

  12. Common Property Owner Questions Why did I get a notification? Will the City buy my property? Will this designation change my property value/assessed valuation? Do I have to do fix up my property? Why isn’t the map squared off? How can I get a GPLET?

  13. What’s Next? The Mayor and Council will hold a Public Hearing on April 3, 2012 at or after 5:30 pm Once the area is adopted, the City will begin work on a Redevelopment Plan GPLET cannot be used within this area for 1 year

  14. www.tucsonaz.gov/business For more information:

More Related